The current account deficit has narrowed, the currency has been broadly stable, and core inflation, while still high in comparison to many other countries, is falling.

“The mission made significant progress in understanding the 2010 budget priorities of the government. It also made notable progress in discussions on measures to further strengthen confidence in the banking system, including through the timely completion of bank recapitalization, and further improvements of the legal and regulatory environment. However, a number of outstanding issues remain, notably with regard to fiscal policy. Discussions on these issues will continue in the coming weeks.”